Can I retire at age 56 with 923,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $923,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$76,220$75,542$74,879$74,233$73,601$72,472
2 years$37,733$37,030$36,349$35,689$35,048$33,913
3 years$24,905$24,200$23,520$22,866$22,236$21,130
4 years$18,493$17,789$17,117$16,474$15,859$14,791
5 years$14,646$13,947$13,283$12,653$12,056$11,029
6 years$12,083$11,389$10,735$10,119$9,539$8,555
7 years$10,253$9,564$8,921$8,319$7,758$6,817
8 years$8,880$8,198$7,565$6,979$6,436$5,537
9 years$7,814$7,138$6,516$5,945$5,420$4,563
10 years$6,961$6,292$5,681$5,124$4,618$3,803
11 years$6,264$5,601$5,001$4,460$3,972$3,197
12 years$5,683$5,027$4,439$3,912$3,442$2,707
13 years$5,192$4,543$3,966$3,453$3,001$2,305
14 years$4,772$4,130$3,563$3,066$2,631$1,972
15 years$4,407$3,773$3,217$2,734$2,317$1,694
16 years$4,089$3,461$2,917$2,448$2,047$1,460
17 years$3,809$3,188$2,654$2,199$1,815$1,262
18 years$3,560$2,946$2,423$1,982$1,614$1,093
19 years$3,337$2,730$2,218$1,791$1,439$949
20 years$3,137$2,537$2,036$1,622$1,285$825
21 years$2,956$2,363$1,872$1,472$1,150$718
22 years$2,792$2,206$1,726$1,339$1,031$626
23 years$2,642$2,063$1,593$1,219$925$547
24 years$2,505$1,933$1,474$1,112$832$478
25 years$2,380$1,814$1,365$1,015$748$418
26 years$2,264$1,705$1,266$928$674$365
27 years$2,157$1,604$1,175$850$608$320
28 years$2,057$1,512$1,093$779$548$280
29 years$1,965$1,426$1,017$714$495$246
30 years$1,879$1,347$947$655$447$215
31 years$1,799$1,273$883$602$405$189
32 years$1,723$1,205$824$553$366$166
33 years$1,653$1,141$769$509$331$146
34 years$1,587$1,081$719$468$300$128
35 years$1,525$1,026$672$431$272$112
36 years$1,466$973$629$397$246$99
37 years$1,411$925$588$366$223$87
38 years$1,358$879$551$337$202$76
39 years$1,309$836$516$311$183$67
40 years$1,262$795$484$287$166$59
41 years$1,217$757$454$264$151$52
42 years$1,175$721$426$244$137$45
43 years$1,135$687$399$225$124$40
44 years$1,097$655$375$208$113$35
45 years$1,060$624$352$192$102$31
46 years$1,025$595$331$177$93$27
47 years$992$568$311$164$84$24
48 years$961$542$292$151$77$21
49 years$930$518$274$140$70$18
50 years$901$495$258$129$63$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $923,000, adding $6,942 every year, while hoping to spend $51,847 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 31/44/25 Blend
55$923,000$923,000$923,000$923,000
56$1,024,307$975,388$961,081$1,048,002
57$1,073,621$968,017$938,113$1,059,349
58$1,126,228$958,547$912,637$1,066,474
59$1,182,408$946,821$884,515$1,073,099
60$1,242,470$932,671$853,603$1,079,213
61$1,306,751$915,921$819,747$1,084,811
62$1,375,622$896,383$782,791$1,089,893
63$1,449,488$873,859$742,567$1,094,463
64$1,528,795$848,138$698,903$1,098,531
65$1,614,033$818,997$651,616$1,102,115
66$1,705,738$786,201$600,519$1,105,241
67$1,804,499$749,501$545,413$1,107,944
68$1,910,965$708,634$486,091$1,110,271
69$2,025,846$663,320$422,338$1,112,279
70$2,149,924$613,264$353,927$1,114,043
71$2,284,057$558,154$280,625$1,115,650
72$2,429,189$497,662$202,184$1,117,207
73$2,586,357$431,439$118,349$1,118,842
74$2,756,703$359,117$28,850$1,120,706
75$2,941,480$280,306$0$1,122,976
76$3,142,067$194,598$0$1,143,639
77$3,359,982$101,557$0$1,174,522
78$3,596,892$726$0$1,208,280
79$3,854,635$0$0$1,245,316
80$4,135,230$0$0$1,338,558
81$4,440,899$0$0$1,440,646
82$4,774,088$0$0$1,552,062
83$5,137,489$0$0$1,673,723
84$5,534,066$0$0$1,806,639
85$5,967,078$0$0$1,951,921
86$6,440,117$0$0$2,110,794
87$6,957,134$0$0$2,284,606
88$7,522,481$0$0$2,474,839
89$8,140,949$0$0$2,683,127
90$8,817,812$0$0$2,911,271
91$9,558,880$0$0$3,161,250
92$10,370,548$0$0$3,435,249
93$11,259,862$0$0$3,735,668
94$12,234,578$0$0$4,065,157
95$13,303,241$0$0$4,426,629
96$14,475,261$0$0$4,823,297
97$15,761,002$0$0$5,258,697
98$17,171,880$0$0$5,736,726
99$18,720,471$0$0$6,261,675
100$20,420,626$0$0$6,838,273